MS SB2891

Amends Section 7-7-211 of Mississippi Code of 1972 to allow counties with total annual revenues of less than $20,000,000.00 to use cash-basis auditing standards instead of generally accepted accounting principles.

Authorizes the State Department of Audit to identify and define cash-basis auditing standards as acceptable accounting standards for eligible counties in addition to nationally recognized accounting principles.

Permits the State Department of Audit to provide best practices and guidance to counties using cash-basis auditing standards for systems of accounting, budgeting, and financial reporting.

Becomes effective July 1, 2012.